Urgent opinions please

despritdan

Very long story cut as short as.....House put on market around 3 months ago at just under 140. One potential purchaser been nibbling away since day one coming in with first offer of 118 then nibbled up to 122. Offers rejected then yesterday offerred 125 which I rejected (I reduced price to 134,950 a couple of weeks ago). Do you think i've been too hasty??

I'm re-locating 80 miles away and the house prices are around the same. Sadly I have just lost my mother and my father is terminally ill. I have to be a realist and put my inheritance into the equasion so would expect with equity from house and inheritance to have around 130-140 cash.

I now have two immediate options. Go back and instruct the agent to offer them the house at £130 which would possibly open up negotiations or just accept the 125

If this comes off my instinct tells me not to be in a hurry to re-invest immediately in another house but to go into rented for a while so that if prices continue to fall I will be in a better position and hopefully be able to be mortgage free.

The last thing I need at the moment is to have to make big decisions like this but I must so any opinions/advice from clearer headed people than I will be gratefully received.

Beckymarshall07

Personally in a falling market to have an offer 10% below asking price is a good offer. Take it. Sorry to hear about mum and dad. Good luck.

silvercar

Instruct the agent to offer them the house at 130, you can always drop further in a few days if necessary.

Of course I am saying this blind, what is your estate agent advising?

gordonstights

despritdan wrote: »

I now have two immediate options. Go back and instruct the agent to offer them the house at £130 which would possibly open up negotiations or just accept the 125

If I was the buyer I'd expect you to come back with a compromise price now. They're offering 125K. I am guessing this is their 'final' offer. However they may be tempted by an increase so you may as well try it. If they say no you then have one option. Sell the house or wait for another buyer.

Good luck

stevetodd

despritdan wrote: »

Very long story cut as short as.....House put on market around 3 months ago at just under 140. One potential purchaser been nibbling away since day one coming in with first offer of 118 then nibbled up to 122. Offers rejected then yesterday offerred 125 which I rejected (I reduced price to 134,950 a couple of weeks ago). Do you think i've been too hasty??

I'm re-locating 80 miles away and the house prices are around the same. Sadly I have just lost my mother and my father is terminally ill. I have to be a realist and put my inheritance into the equasion so would expect with equity from house and inheritance to have around 130-140 cash.

I now have two immediate options. Go back and instruct the agent to offer them the house at £130 which would possibly open up negotiations or just accept the 125

If this comes off my instinct tells me not to be in a hurry to re-invest immediately in another house but to go into rented for a while so that if prices continue to fall I will be in a better position and hopefully be able to be mortgage free.

The last thing I need at the moment is to have to make big decisions like this but I must so any opinions/advice from clearer headed people than I will be gratefully received.

Hi, this is obviously an opinion (as requested) a lot of this depends on how realistically your house was priced in the first place but prices will fall for at least another year maybe 2 years and there will be a period of stagnation following that, which will provide a long buying window at a lower price for you. It seems to me that if you drop your price to sell and rent for a year (or longer) you will be in a good position. There is no way that house prices are not going to be at least 8% lower this time next year, my guess would be 10-12% lower.

despritdan

Thank you Becky

Silver my estate agent hasn't offered advice. They just accepted my decision to reject the offer but i've slept on it and decided maybe I was too hasty. Thought i'd come here first looking for some unbiased advice afor listening to theirs.

Yes Gordons they stated it was their final offer. Your post has reassured me that i'm at least on the right lines even if I don't get there.

Same goes for your post Steve. It's hard work being in my head or anywhere near it at the moment so it's gratifying to read that i'm thinking straighter than I thought I was.

Don't let that put you off though. I'm not actively seeking people who agree with me. If you can see a flaw in my master plan please post.

Thanks for your posts and good wishes X

hoggums

125K means your house is sold and you can move on with your life. I personally think that is a perfectly acceptable offer in this climate.

Don't forget that each day you delay the less your house is worth - if another buyer does not turn up for 3 months then you won't get an offer of 125K again.

No doubt you are going to buy somewhere else? Then just refuce your offer by the amount you've lost on this house and you are no worse off.

despritdan

Yes hoggums...moving on with my life is an important factor and I had to make a difficult financial decision once before based on the question 'What price peace of mind'?

I've just spoken to my EA and the only fly in the ointment is that my prospective buyers father is a complete (insert swear word of your choice) and he is the one doing the negotiating. Looking into the future EA and I are in agreement that he will more than likely get so far down the line then try the old ..."we've seen another house cheaper, will you accept less?" I know problems can happen whoever your buyer is cos I got within a couple of weeks of moving last time I had the house on the market when a buyer at the bottom pulled out but this current guy has a degree in being a (insert it again).

The EA is going to chase up another interested party who is desperate to offer on the property but lost her job.

Bottom line is EA sez only I can decide whether to risk entering into negotiations with this guy and she would be very wary. Will wait and see what the outcome is with the other prospective buyer. Complicated innit? Or maybe i'm over-complicating it. Me ed urts!!

GDB2222

From what you say, you should refuse to take the property off the market, so you keep showing it right up to the date you exchange contracts. It's always good to have an alternative buyer waiting in the wings.

MrsCJH99

Hi - we've just sold and bought. It was a long hard slog..but we did get there in the end. It took 9 months and a couple of offers falling through.

I think you should accept the offer or close to it. But be really clear on your terms from the start - ie a survey in the next 2 weeks and to exchange in the next 5 weeks. That way they can't use up too much of your time if things go wrong.

If the father is hard-nosed don't deal with him - that's why you are paying the agent - to protect you and your interests. Sounds like you already have enough on your plate.

I also agree that you should keep marketing the property until they exchange. Once the buyer has started to spend their money on surveys and solicitors they will want it to go through. If its still marketed they will be more wary about gazundering - because then they could lose out!

despritdan

Good idea to keep marketing if I accept his offer GD and Mrs C. I will put that to the EA.

I only dealt with him when he came to view. The EA has done all the negotiating. Thing is i've known him for many years so I know EXACTLY who i'm dealing with.

Last time my sale fell through it cost me and around everyone else in the chain upwards of £300 including the guy at the bottom who it turned out hadn't got a pot to pee in. I know someone this happened to 3 times in all. There are some idiots out there!!

Thanks for your posts. X